The economy of the Philippines grew almost 6% in the 3rd quarter (July-September 2023) which is a huge improvement over the 2nd quarter growth of 4.3%, according to a GMA Network news report.
To put things in perspective, posted below is an excerpt from the GMA Network news report. Some parts in boldface…
The Philippine economy regained its footing in the third quarter of 2023, following a slowdown seen in the previous quarter, the Philippine Statistics Authority (PSA) reported on Thursday.
The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 5.9% during the July to September 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.
This is faster than the 4.3% growth rate seen in the second quarter of the year —its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession.
“We are pleased to announce that the Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” the NEDA chief said.
The third quarter economic performance brought the year-to-date or the January to September 2023 GDP growth rate to 5.5%.
Let me end this piece by asking you readers: What do you think about this recent development? Do you think there is still a chance for the Philippine economy to accelerate in the 4th quarter and achieve a full-year economic growth of at least 6%?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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